DGS nets robust earnings

DGS nets robust earnings

JAKARTA (JP): Publicly-listed PT Daya Guna Samudera (DGS)
fishing company reported yesterday a Rp 43 billion, or 51
percent, increase in its net profit to Rp 128 billion (US$37.6
million) for the first nine months of this year.

The robust performance, despite the steep depreciation of the
rupiah against the U.S. dollar since July, made the export-
oriented company outstanding among most other publicly-traded
companies which reported sharp falls in third quarter earnings.

DGS said in a statement that it booked Rp 402 billion in total
sales revenues for the three quarters.

"We are greatly optimistic about achieving our Rp 530.7
billion sales revenue target for the whole year," the statement
said.

The company is a unit of the widely-diversified Djajanti
Group.

The company said that since its fish and shrimp catches had
not shown any indication of decline, the utilization rate of the
marine resources in its concession areas (mainly in Maluku) was
still much below the maximum sustainable catch.

"Our procurement of new fishing vessels this year has been
going on schedule and our strong cash flow will enable us to
achieve the target of our fishing fleet expansion program next
year," the company added.

DGS booked a 154 percent increase in net income last year to
Rp 116.36 billion and set a net profit target of Rp 157.1 billion
for this year. (hen)